CFP Board Chooses ‘Perfect’ Texas Regulator to Wrangle Enforcement

News & Events

MAXXCAT_START

CFP Board in the News

CFP Board Chooses ‘Perfect’ Texas Regulator to Wrangle Enforcement

Jul 31, 2019

The Certified Financial Planner Board of Standards has assigned a veteran Texas securities regulator to lead a newly-created task force that will examine and modernize its enforcement practices.

The organization with nearly 85,000 designees said Tuesday that it had chosen Denise Voigt Crawford, who is currently a public member of its board of directors, to chair the task force established in response to a Wall Street Journal article published Monday. The story detailed shortcomings of the CFP Board’s LetsMakeAPlan.org website, a directory of designation holders that includes thousands of financial planners facing criminal or regulatory problems or with customer complaints against them.

In a statement Tuesday, the CFP Board said it planned to address the issues raised in the article and continue to look for ways to improve.

Some changes have already been made. The CFP Board will no longer rely on advisors to self-disclose disciplinary matters and any conduct in violation of its standards. Going forward, it will review FINRA’s BrokerCheck or the Securities and Exchange Commission’s IAPD when a CFP professional renews their certification.

The independent task force headed by Crawford will focus on tightening the organization’s enforcement. An updated version of the CFP Board’s Code of Ethics and Standards of Conduct, which mandates that designation holders act as fiduciaries whenever giving financial advice to clients, goes into effect Oct. 1.

“If she is going to head an independent committee, she is going to be an independent chair. I think she’s very fair-minded and balanced,” said Joseph Borg, the director of the Alabama Securities Commission. “I think she’s perfect for this.”  Read more >

RIA Intel
By Michael Thrasher
July 31, 2019

 

Speaker's Bureau
CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

Upcoming Events

Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
Let's Make A Plan
Don't address your finances individually. Pull your finances together with the help of a CFP® professional.